Overseas Market Update
The US Dollar Index rose by 0.13% on the 23rd, closing at 100.851 in the foreign exchange market.
WTI crude oil futures settled down by 0.89%, at $70.37 per barrel, while Brent crude oil futures settled down by 0.79%, at $73.90 per barrel.
COMEX gold futures closed up by 0.24%, at $2653.4 per ounce, and COMEX silver futures closed down by 1.54%, at $31.01 per ounce.
Agricultural futures on the Chicago Mercantile Exchange (CME) collectively closed higher, with soybean futures up by 2.67% at 1039 cents per bushel, corn futures up by 2.8% at 413 cents per bushel, and wheat futures up by 2.29% at 581.5 cents per bushel.
Most base metals in London closed higher, with LME copper futures up by 0.69% at $9542 per ton, LME zinc futures up by 0.38% at $2885 per ton, LME nickel futures up by 0.24% at $16550 per ton, LME aluminum futures up by 0.04% at $2486 per ton, LME tin futures up by 0.37% at $32245 per ton, and LME lead futures down by 0.19% at $2051 per ton.
Domestic Futures
On September 23rd, domestic commodity futures closed with more losses than gains. Iron ore, coke, synthetic rubber, and coking coal fell by more than 4%, and styrene fell by more than 3%. Europe-bound container shipping rose by more than 4%, and low-sulfur fuel oil, Shanghai gold, glass, and cotton all rose by more than 1%.
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News Express
[National Development and Reform Commission: China Resource Recycling Group is currently being established]According to a report by China Securities Journal, on September 23, the National Development and Reform Commission (NDRC) held a special press conference to introduce the overall progress and effectiveness of policies on large-scale equipment updates and consumer goods exchange for old products. At the meeting, Zhao Chenxin, a member of the Party Group and Deputy Director of the NDRC, revealed that China Resources Recycling Group is currently under establishment. This marks the first official disclosure at the official level regarding the progress of establishing a national-level resource recycling group.
【Rio Tinto: More New Mines Needed to Solve Supply Crisis】
According to a report by Caixin on September 23, Dominic Barton, Chairman of mining giant Rio Tinto, recently stated that key energy transition metals such as copper are facing rising demand, and business methods like mergers and acquisitions cannot fill the imminent supply gap, which means that more mines need to be developed globally to address this situation.
【South Korea Considering Importing Chinese Cement】
According to a report by Caixin on September 23, due to the high price of cement in South Korea, the South Korean government has recently discussed plans to import cement from China. Since 2021, the South Korean cement industry has raised the price of cement four times, with the current price at approximately 594 yuan per ton, a nearly 50% increase. The South Korean construction industry has revealed that the import price of Chinese cement is expected to be around 506 yuan per ton, about 15% cheaper than the currently produced South Korean cement. It is reported that cement importation requires a series of processes such as relevant certification and construction of specialized storage warehouses, which will take about two years.
【Spot Gold Breaks Through the $2,630/Ounce Threshold】
At 9:30 PM on September 23, spot gold broke through the $2,630/ounce threshold, with a daily increase of 0.31%.
Institutional Views
Energy and Chemical Futures
Hengyin Futures analyzed coking coal on September 23, stating that the second round of price increases for coke has begun, providing some short-term price support. However, due to losses in steel mills and coke enterprises, and low profits, there are no substantial benefits on the demand side. Subsequent attention will be paid to whether demand can improve during the peak season.Sanli Futures analyzed rubber on September 23, stating that overall, the continuous destocking provides certain support for prices, with subsequent attention to the weather conditions in the main producing areas and the prices of raw materials.
Metal Futures
Hua'an Futures analyzed rebar on September 23, noting that overall, both supply and demand for rebar are at historical lows at present. The short-term restocking demand before the holiday provides a bottom support, coupled with the unexpected interest rate cut by the Federal Reserve, which has led to increased expectations for domestic policy easing, forming a boost for a stronger operation. However, looking at the current situation of real estate, infrastructure, and manufacturing, demand elasticity is still insufficient, and the situation of overcapacity has not changed, limiting the height on the upside.

Cofco Futures analyzed industrial silicon on September 23, stating that in the daily pattern of the industrial silicon 2411 contract, after a round of price decline, the price is currently adjusting at the bottom with signs of rebuilding a horizontal consolidation range. It is possible to wait patiently for the range to form and then operate based on the range.
Agricultural Product Futures
Shenyin & WanGuo Futures analyzed sugar on September 23, stating that overall, the large opening crush volume in Brazil's new season exerts pressure on sugar prices, while other production areas in the Northern Hemisphere are expected to increase production. At the same time, the market continues to pay attention to changes in weather, crude oil prices, and domestic consumption; additionally, macroeconomic changes will also affect sugar prices. The increased domestic sugar production cost in the current season is bullish for sugar prices. Strategically, sugar is in an increasing production cycle in the long term, but the absolute price is gradually decreasing, and investors can operate in the bottom range.
Huayuan Futures analyzed soybean meal on September 23, stating that the main January contract of soybean meal is consolidating at a low level, temporarily focusing on the support performance around 3000 to 3030, and the upper pressure is focused around 3130.